Starbucks (NASDAQ:SBUX) hit a 52-week high after the world’s largest coffee chain reported an 82 percent jump in earnings in its fiscal first quarter.
Shares gained 6.4 percent to $88.09 at 3:23 p.m. in New York after reaching $88.49, the highest intraday price in more than a year.
Net income climbed to $983.1 million, or $1.30 per share, in the three months ended December 28, up from $540.7 million, or $0.71 per share, in the year-earlier period, the Seattle, Washington-based company said in a statement late yesterday.
Removing items related to its Starbucks Japan acquisition, Starbucks earned $0.80 cents per share in the latest quarter.
The company expected per-share profit of $0.79 to $0.81.
Revenue increased 13 percent to $4.8 billion, matching analysts’ expectations.
Sales at Starbucks cafes open at least 13 months were up 5 percent for the U.S.-dominated Americas region in the fiscal first quarter as traffic grew by 2 percent and the size of the average ticket increased 3 percent. Comparable sales world-wide also rose 5 percent.
Breakfast-sandwich sales surged 29 percent in the U.S. for the quarter, while lunch-food sales were up 15 percent, Bloomberg reported, citing chief financial officer Scott Maw.
Starbucks also announced that director Kevin Johnson would become Starbucks president and chief operating officer, effective March 1, replacing long-time executive Troy Alstead, who said he is taking an extended sabbatical to spend time with his family.
Johnson is a former chief executive at Juniper Networks Inc. and 16-year veteran of Microsoft Corp.
Johnson will receive an annual base salary of $1 million, Starbucks said. He’s also been granted a new-hire equity award of $7 million, along with a $1 million cash award.
Starbucks forecast fiscal 2015 revenue growth of 16 percent to 18 percent and full-year earnings, excluding items, of $3.09 to $3.13 per share. For the quarter ending in March, it is forecasting per-share earnings of $0.64 to $0.65. Analysts polled by Thomson Reuters expected per-share profit of $0.68.